Polkadot Hits the $5.18 Low as It Recoups for an Uptrend

Key Resistance Levels: $10, $12, $14
Key Support Levels: $8, $6,$4

Polkadot (DOT) Price Long-term Trend: Bearish
Polkadot (DOT) is falling below the moving average lines as it recoups for an uptrend. The altcoin’s selling pressure decreased when it hit a low of $5.18. DOT price has been consolidating above the existing support for the past week. The upward movement is also restricted below the 21-day SMA or the $5.50 barrier. When these levels are breached, polkadot will start to trend. At the time of writing, the value of the coin is $5.40. On the downside, the historical price level of March 9 serves as the present support. For the past month, the support has held. If the price rises above the resistance at $6.00 or the moving average lines, Polkadot will resume its bullish trend.

Daily Chart Indicators Reading:
On the Relative Strength Index for period 14, Polkadot is at level 35. The altcoin has been consolidating for the past week while the RSI has stayed the same. Further fall is indicated by the price bars’ position below the moving average lines. The 21-day SMA crosses below the 50-day SMA, signaling a bearish crossing for the altcoin.

Polkadot (DOT) Medium-term Trend: Bearish
The alternative currency significantly dropped downward on the 4-hour chart. The oversold area of the market is where the crypto asset is located. The moving average lines limit the upward movement. When buyers keep the price above the moving average lines, the alternative currency will trend upward.

4-hour chart Chart Indicators Reading
The value of the cryptocurrency has dropped to the oversold area of the market. The coin is below the daily Stochastic level of 20. Bearish fatigue has been reached in the downturn. In the oversold area, buyers will probably show up to drive prices up.

General Outlook for Polkadot (DOT)
The price of Polkadot has returned to its March 9 level as it recoups for an uptrend. The crypto’s price will rebound above the existing support in March and start moving upward again. The alternative currency is currently preparing for a potential upswing. Additionally, the alternative currency has entered the oversold area of the market.


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